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Information Accounting


Abstract


The information accounting includes the system of financial data management for its effective utilization by accountants and financial policy makers. The information accounting systems based on computational approaches for efficient identification and retrieval of important accounting data in context to its prospective utilization by investors, financial executives and income tax departments. The implementation of compliance measures and internal control systems indeed facilitate the systematic execution of strategic synthesis, access, retrieval and processing of the financial information.

Keywords: Accounting, information, policy, computational, financial, accounting Information Accounting

The database system for managing financial information of multiple companies based on configuring discrete data elements and allocating their access to the authorized users in accordance with the organizational policies and procedures. Indeed, the provision of authorized access to the accounting information ascertains prevention of data thefts and proportionate confidentiality of the sensitive databases. Needles, Powers and Crosson elaborately discuss the ingredients of information accounting in terms of effective measurement, processing and communication of financial information regarding any business unit or economic entity. The evidence based research literature describes the relationship between business activities and decision formulators in terms of information accounting. Indeed, the concepts of information accounting advocate the storage of important business activities by recording them in databases for their prospective utilization. The business data is systematically stored and processed by the information management system for its effective transformation into business information. Furthermore, this recorded information is strategically converted into statistical reports and communicated to the business owners for their perusal.

Indeed, the accounting system includes the key attributes of internal control, resource management, audit trail and scenario planning. The internal control systems designed with the aim of managing the organizational structure and workflow for assisting the business unit in terms of accomplishing its future goals and objectives. However, the resource management deals with effective utilization of organizational resources through scenario planning for successfully executing the prospective business assignments. The audit trail is a chronological record of organizational activities in relation to various financial operations and events executed in the business setting.

Conclusion


The accounting information system facilitates the mutual functioning of various departments within any business fraternity. The systematic storage of accounting and other financial activities assists the business owners to concisely review the functionality of their fraternity any point of time. The implantation of accounting information system safeguards the important business information with the implementation of compliance measures and provision of secured user access control systems.